One more breakout trade.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I decided to pick up another position around $422 since this is beginning to look like another bull flag . The breakout will probably bring us to around 490 before the real retrace, as I mentioned in my last idea.

After this follows through, watch volume on the retrace to see if it's a reversal or a bear trap. If the price bumps up against 480-500 and starts making lower highs with lower volume , get ready for another sell-off. Otherwise, it could just be a bear trap. In that case, look for another breakout.
Hi Moontrader, has this broken out to the downside or are you optimistic?
+1 Reply
MoonTrader johnrfraser
It's not invalidated until it breaks below the horizontal line I drew below the triangle. If you're trading with me, I would put your stops there.
MoonTrader MoonTrader
Overall, though, yes. I'm still optimistic. If it breaks to the downside, then I will look for another long entry after that.
johnrfraser MoonTrader
Thanks a lot Moontrader
+1 Reply
manipuflated MoonTrader
Looks like it broke below that line. Is the next stop 390 IYO? 380?

MoonTrader manipuflated
Actually, it was a successful trade for me. I sold at 475 before it started going down. You have to use your own judgment on these things. But yes, I think 380 support will hold.
+1 Reply
Esper MoonTrader
Hi! Really enjoying your posts! Do you run a live trading room?